When OIG insiders can sell
Orion180 Insurance Group Inc. · IPO prospectus filed 2026-09-21 · Single cliff · 180-day lock-up
That is the calendar date the clause computes to, counted from the prospectus date. It is the only date computable without knowing a future earnings date, which is why everything that could pull it earlier is printed below it on this page rather than folded into it.
The lock-up clause, in the issuer's words
Every other free lock-up calendar tells you 180 days and moves on. This is the actual sentence the date above was computed from, so that if the words do not support the number, the number is wrong and the filing is one click away.
…ve officers, and holders of substantially all of our outstanding capital stock have each agreed to enter into "lock-up" agreements with the underwriters and thereby be subject to a lock-up period, meaning that they and their permitted transferees will not be permitted to sell any shares of our Class A common stock for 180 days after the date of this prospectus, subject to certain exceptions without the prior consent of RBC Capital Markets, LLC and UBS Securities LLC. Although we have been advised that there is no present intention to do so, RBC Capital Markets, LLC and UBS Securities LLC may, in their sole discretion, release all or any portion of the shares from the restrictions in any of the lock-up agreements described above. See "Underwriting (Conflicts of Interest)." Possible sales of these shares in the market following the waiver or expiration of such agreements could exert signif……
Where the share count comes from
The prospectus never prints the number of shares coming free, and nothing in it lets the figure be derived. That is why this deal carries no flow math.
| Shares outstanding after the offering | 198,064,904 |
| Underwriters' over-allotment option | 3,000,000 |
Exceptions written into the lock-up (5)
Each of these is a route by which OIG shares can move before 2027-03-20. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.
- 10b5-1 plan
- bona fide gift or charitable transfer
- estate planning or family transfer
- option exercise or RSU settlement
- underwriter discretionary release
…lass A common stock or warrant received upon such conversion would be subject to restrictions similar to those in the immediately preceding paragraph (iv) the establishment by lock-up parties of trading plans under Rule 10b5-1 under the Exchange Act, provided that such plan does not provide for the transfer of lock-up securities during the restricted period and no filing under the Exchange Act or other public announcement shall be required or made voluntarily in connection with such trading plan. 193 Table of Contents The representatives of the underwriters, in their sole discretion, may release the securities subject to any of the lock-up agreements with the underwriters described above, in whole or in part at any time.
…ined in the lock-up agreements between the underwriters and the lock-up parties do not apply, subject in certain cases to various conditions, to certain transactions, including (i) transfers of lock-up securities (A) as bona fide gifts, or for bona fide estate planning purposes (B) by will or intestacy (C) to any trust for the direct or indirect benefit of the lock-up party or its immediate family, or if the lock-up party is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a beneficiary of such trust (D) to a partnership, limited liability company or other entity of which the lock-up party and its immed…
Gregg, subject to limited exceptions set forth in our amended and restated certificate of formation, such as transfers to immediate family members, certain trusts for estate planning purposes, and entities under common control with or controlled by Mr. Gregg, and transfers that are approved in advance by our board of directors as permitted transfers, will generally result in those shares converting to shares of Class A common stock. Each share of Class B common stock is convertible at any time at the option of its holder into one share of Class A common stock.
…,097,192 shares of Class A common stock and 59,935,260 shares of Class B common stock outstanding immediately prior to this offering, and excludes an aggregate of 810,353 shares of Class A common stock issuable upon the exercise of options outstanding under our Equity Incentive Plan of Orion180 Group, Inc. (the "2024 Plan") as of September 2, 2026, with a weighted average exercise price of $2.88 an aggregate of 5,480,967 shares of Class A common stock reserved for issuance under the 2026 Incentive Plan (the "2026 Plan"), that will become effective in connection with this offering, of which 1,441,183 shares will be issuable upon vest…
Although we have been advised that there is no present intention to do so, RBC Capital Markets, LLC and UBS Securities LLC may, in their sole discretion, release all or any portion of the shares from the restrictions in any of the lock-up agreements described above. See "Underwriting (Conflicts of Interest)." Possible sales of these shares in the market following the waiver or expiration of such agreements could exert significant downward pressure on our stock price. We expect that upon the consummation of this offering, our board of dir…
What we could not establish
OIG is read but not publishable: the prospectus does not state how many shares come free. So there is no absorb-day figure on this page and no call, and there will not be one until the number exists in a filing.
The common case is a prospectus that says "substantially all" of the locked shares become eligible for sale without ever printing a count. The clause above is quoted in full so you can see that for yourself. An estimate presented with a filing link beside it would read as a filing figure, and that is worse than an admission — it is the one failure mode a reader cannot detect.
How this reading of OIG could be wrong
The lock-up period is restated 3 times in this prospectus. Issuers repeat the clause on the cover, in the summary, in the risk factors and in the underwriting section, and the wording is not always identical. The parser resolved them to one period; if a reader finds a restatement that disagrees, the quote above is the one it used.
The volume is a vendor's, not ours. OIG is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.
Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.
The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.
Also unlocking in 2027-03 (1)
Lock-ups cluster, because IPOs cluster: these priced in the same window as OIG and come free in the same month. Several heavy releases landing together is a different situation from one.
| Deal | Expiry | Shares free | Absorb days |
|---|---|---|---|
| ETRA Electra Therapeutics, Inc. | 2027-03-17 | 39.4M | 106 sessions |
Learn to read these clauses yourself
The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.
Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · OIG's prospectus on EDGAR · what funds carried these companies at before listing